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Nov 22, 2012
11/12
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what can be done to avoid the fiscal cliff? >> i'm at 187, a shout out to everybody at home. happy thanksgiving and see you guys in a few months, back in nashville. >> i'm harris from the expedition forces and here in bagram, afghanistan, like to give a shout out to my mother. happy thanksgiving, i love you mom and i wish the best of luck to everyone in savannah, georgia. i love you guys. ♪ ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at this special time of year, they shine even brighter. come to the winter event and get the mercedes-benz you've always wished for, now for an exceptional price. [ santa ] ho, ho, ho, ho! [ male announcer lease a 2013 glk350 for $399 a month at your local mercedes-benz dealer. hurry in this friday for great deals. like the droid razr by motorola in cranberry, free. or a white 7-inch samsung galaxy tab 2, just $99.99. this friday, get the best deals on the best devices on the best network. exclusively at verizon. >> senator session, you're the ranking on the budget committee. and there are hurdles to g
what can be done to avoid the fiscal cliff? >> i'm at 187, a shout out to everybody at home. happy thanksgiving and see you guys in a few months, back in nashville. >> i'm harris from the expedition forces and here in bagram, afghanistan, like to give a shout out to my mother. happy thanksgiving, i love you mom and i wish the best of luck to everyone in savannah, georgia. i love you guys. ♪ ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at...
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Nov 22, 2012
11/12
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FOXNEWSW
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fiscal cliff? or fiscal free for all? we are staring at this abyss. no one is even touching it. >> what is amazing to me this is the most predictable financial crisis ever in the history of this country. i suspect we are thought going to anticipate a recession, you will see a recession. >> we should be very careful not to go over the cliff because we will have a negative affect on this economy and on employment. >>neil: an idea of how much is at stake and who pays for this, i am telling you at this rate, everyone will pay. every single american family will pay. >> this has implications for every american family, 90 percent of families in america will pay higher taxes, and a reduction in income of $3,500 per american family. we talking about an income loss of 6 percent after taxes, the largest income loss since the 1940's, huge implications and politicians are going to have to, for once, act in a bipartisan manner to try and fix this. >> the people are ready for someone to tell them the truth instead of this mush that they can get this done without tou
fiscal cliff? or fiscal free for all? we are staring at this abyss. no one is even touching it. >> what is amazing to me this is the most predictable financial crisis ever in the history of this country. i suspect we are thought going to anticipate a recession, you will see a recession. >> we should be very careful not to go over the cliff because we will have a negative affect on this economy and on employment. >>neil: an idea of how much is at stake and who pays for this, i...
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Nov 22, 2012
11/12
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but it does go back to that issue of the fiscal cliff. you notice what's happened on the stock market. every time it looks like they're going to get around this problem, the stock market booms. every time the negotiations stall, the stock market loses value. so everybody's going to be paying very close attention to this. rick: how optimistic are you, steve, on the chances of a deal on the fiscal cliff, and if there is a deal, what could that mean for the economy as a whole? >> well, you know, i think at the optimal outcome is not to raise taxes on anybody. i do think that if the president has his way and those taxes go up on investors and businesses, it's hard to see where the jobs are going to come from next year. as you know, we still have over 20 million people without a full-time job. so i think getting around this crisis in a way where everybody agrees not to raise taxes on anybody, we go into 2013, maybe that could be the year. and, boy, what a great christmas present this would be, if we actually throw out the tax system and start
but it does go back to that issue of the fiscal cliff. you notice what's happened on the stock market. every time it looks like they're going to get around this problem, the stock market booms. every time the negotiations stall, the stock market loses value. so everybody's going to be paying very close attention to this. rick: how optimistic are you, steve, on the chances of a deal on the fiscal cliff, and if there is a deal, what could that mean for the economy as a whole? >> well, you...
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Nov 22, 2012
11/12
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i'm interested to see what happens with the fiscal cliff. >> i think it's terrible they're taking the deduction away from the billion dollar a year hedge fund people and it's horrible. >> and on your list of things not to bring up, fiscal cliff? >> it was? on the woman's day list. >> and a cool guy. >> fiscal cliff, is going to be-- >> and greg, you want to get out of here. >> i do want to get out of here. what year was the first thanksgiving celebration. 1953? i know you thought it was earlier. bob gives us all a history lesson next. ♪ homeward bound ♪ home, where my thoughts escaping, home where my music is playing ♪ ♪ where my love lies waiting silently for me ♪ ♪ >> in washington the big story on this thanksgiving day is cease-fire on middle east. tonight on special report, this is the first day of the truce brokered by egypt and the u.s. of course, the question, how long will will it last. tensions remain high, we will have a live report from jerusalem. president obama is calling for a unity on this thanksgiving day and urging americans to put aside partisan differenc
i'm interested to see what happens with the fiscal cliff. >> i think it's terrible they're taking the deduction away from the billion dollar a year hedge fund people and it's horrible. >> and on your list of things not to bring up, fiscal cliff? >> it was? on the woman's day list. >> and a cool guy. >> fiscal cliff, is going to be-- >> and greg, you want to get out of here. >> i do want to get out of here. what year was the first thanksgiving...
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Nov 22, 2012
11/12
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CNBC
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we don't want a deal on the fiscal cliff, we want a good deal on the fiscal cliff. >> right. now this is really key. first of all, i want it say one thing, regarding ben bernanke and his monetary safety net and he did say yesterday that he didn't think monetary policy could offset a fiscal cliff recession. i don't want to get into a lot of fed watching. i'm just saying, i'm not sure the federal reserve will do much more. maybe they will, maybe they won't. now regarding good deals versus bad deals, this is where i disagree with some of think kol a colleagues here. maybe you do too. if this is deal that jacks up tax rates, the capital gains rate, dividend rate, if it has a millionaire surtax as senator collins said, that's not such a hot deal. how would they react to a high tax on investor type of deal. >> they limit investments. they make investments less attractive. the stock market doesn't want a big raise on capital gains and dividends. the stock market is okay with a small one. the best is the 39% ordinary income tax hike. but essentially leave dividends and capital gains
we don't want a deal on the fiscal cliff, we want a good deal on the fiscal cliff. >> right. now this is really key. first of all, i want it say one thing, regarding ben bernanke and his monetary safety net and he did say yesterday that he didn't think monetary policy could offset a fiscal cliff recession. i don't want to get into a lot of fed watching. i'm just saying, i'm not sure the federal reserve will do much more. maybe they will, maybe they won't. now regarding good deals versus...
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Nov 22, 2012
11/12
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congress and the president have just 40 days to avoid the so- called fiscal cliff. when the ball drops on new year's eve, tax hikes and severe spending cuts will kick in automatically unless a deal is reached. wyatt andrews spoke with two men who say they know how it should be done, if only washington would listen. >> reporter: two years ago, the fiscal commission chaired by democrat erskine bowles and former republican senator alan simpson proposed every basic element of the fiscal cliff solution being discussed now. their plan was a mixture of higher taxes, lower spending and the reform of medicare and social security. both men told us sacrifice has to come from everyone. >> all of us have to have some skin in the game to get it done. >> if you want something, pay for it. it's a sick idea, but it is an interesting idea. >> reporter: their biggest idea was to increase revenue by combining both the president's demand for higher taxes on the rich and the republican proposal to get rid of tax loopholes. bowles/simpson would eliminate almost every tax deduction for ind
congress and the president have just 40 days to avoid the so- called fiscal cliff. when the ball drops on new year's eve, tax hikes and severe spending cuts will kick in automatically unless a deal is reached. wyatt andrews spoke with two men who say they know how it should be done, if only washington would listen. >> reporter: two years ago, the fiscal commission chaired by democrat erskine bowles and former republican senator alan simpson proposed every basic element of the fiscal cliff...
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Nov 22, 2012
11/12
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st we have the fiscal cliff. part of that, but the irs is saying we're not going to changi our computer program because we really don't know what willor ce .really d't it could be chaos out there. ou >> they are expecting that theyh will sign a patch like they have fin every year, but -- a gerri: and that means the law goes back to what it has been of the past 12 months, and you don't have to pay that. t w many people would be on thes hook? ha will what it means?eople would b >> right now theree are about 4 million infected people, butfr that would go up to 30 some odd million people.on so 28 million people would now be thrust in. if you remember, this was going t be t back to 1969, 1970. to 155 people is what they wanted to get that were not paying0 enough taxes. >> every year more and morewheri people got in. but now with this the virus isep saying, hey, we assume it will happen and it doesn't, then no one ll be able to file thei tax return on time. if you're expecting a refund you ll not get it. actually, this
st we have the fiscal cliff. part of that, but the irs is saying we're not going to changi our computer program because we really don't know what willor ce .really d't it could be chaos out there. ou >> they are expecting that theyh will sign a patch like they have fin every year, but -- a gerri: and that means the law goes back to what it has been of the past 12 months, and you don't have to pay that. t w many people would be on thes hook? ha will what it means?eople would b >>...
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Nov 22, 2012
11/12
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on the fiscal cliff, those big spending cuts and tax hikes set to hit the u.s. economy on january 1, we examine whether congress and the white house can strike a deal to avoid going off the cliff. so be sure to join on us, we look at the impact of the cliff on jobs, how strategies for investors, and tom talks with mark mobius, the global investing guru. that's "nightly business report" for wednesday, november 21. happy thanksgiving everyone, and hope you have a great holiday too tom. >> tom: goodnight susie, we'll see you online at: www.nbr.com and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt.
on the fiscal cliff, those big spending cuts and tax hikes set to hit the u.s. economy on january 1, we examine whether congress and the white house can strike a deal to avoid going off the cliff. so be sure to join on us, we look at the impact of the cliff on jobs, how strategies for investors, and tom talks with mark mobius, the global investing guru. that's "nightly business report" for wednesday, november 21. happy thanksgiving everyone, and hope you have a great holiday too tom....
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Nov 22, 2012
11/12
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. >> what fiscal cliff, right now we're up by 12% from our 12 month low. in terms of a month long average that is pretty good, investors are not as frightened as they were some days ago regarding possibility of higher taxes, for capital gains and dividend. lou: they are still in prospect, all of it is. we have folks introducing bills to defer the whole thing for a year now. and the president is making nice, he is talking with ceos, seeming leally almost every othr day. >> market thinks we have a kinder and gently barack obama, who knows that might be correct. but who knows, business sales show no signs of improving sig 1/2 cannily, we'll issue watching what happenshis week into start of the holiday shopping scene very closely. lou: at wha point do we just acknowledge we're sort of you know bumbling along, economically, that the markets are outperforming the economy. and if we look at this right now, there is a project here that from index of leading economic an kate or to market's behavior that says we have good things in store here 6 months down the road.
. >> what fiscal cliff, right now we're up by 12% from our 12 month low. in terms of a month long average that is pretty good, investors are not as frightened as they were some days ago regarding possibility of higher taxes, for capital gains and dividend. lou: they are still in prospect, all of it is. we have folks introducing bills to defer the whole thing for a year now. and the president is making nice, he is talking with ceos, seeming leally almost every othr day. >> market...
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Nov 22, 2012
11/12
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gregg: the fiscal cliff hanger on capitol hill. were that part of this to avert the crisis will hurt cherries. ainsley: and a 60 year tradition may not be over yet after a judge blocked a nativity display in a public park. what some church groups are doing now. >> it was something that i grew up knowing. i think it's kind of sad. >> i'm going to make sure that i get the permits next year. among them and come down here and build my christmas village down here is what drives us to broadcast the world's biggest events in 3d, or live to your seat high above the atlantic ocean. it's what drives us to create eco-friendly race tracks, batteries that power tomorrow's cars, nearlyndestructible laptops, and the sustainable smart towns of the future. at panasonic, we're driven to make what matters most better. just another way we're engineering a better world for you. [ male announcer ] it's that time of year again. medicare open enrollment. time to compare plans and costs. you don't have to make changes. but it never hurts to see if you can
gregg: the fiscal cliff hanger on capitol hill. were that part of this to avert the crisis will hurt cherries. ainsley: and a 60 year tradition may not be over yet after a judge blocked a nativity display in a public park. what some church groups are doing now. >> it was something that i grew up knowing. i think it's kind of sad. >> i'm going to make sure that i get the permits next year. among them and come down here and build my christmas village down here is what drives us to...
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Nov 22, 2012
11/12
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melissa: so the fiscal cliff is four days away. what are we to overcome a good deal to avoid it seems taxes are going up. i thought the tea party would save us. wasn't that their rally cry in the first place? to him i is and co-author of the book. why deprive of our public depends on our honor. are you guys going to stop this somehow? >> i think it is something the tea party has put massive amounts of energy into it if you think about it, the democrats fight the republicans, republicans fight the democrats, the tea party has to fight on both fronts. it requires extra amount of strategy and foresight and vision remembering the tea party is really only four years old but has regrouped. the tea party is very committed to getting involved in infiltrating the g.o.p. on the local level, that is all still happening very actively. melissa: it sounds like i'm about to be taxed to death. i could go to bermuda, but that is about it. other than that, it is going to happen. >> some things will happen, but i do think the tea party people who hav
melissa: so the fiscal cliff is four days away. what are we to overcome a good deal to avoid it seems taxes are going up. i thought the tea party would save us. wasn't that their rally cry in the first place? to him i is and co-author of the book. why deprive of our public depends on our honor. are you guys going to stop this somehow? >> i think it is something the tea party has put massive amounts of energy into it if you think about it, the democrats fight the republicans, republicans...
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Nov 22, 2012
11/12
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facing a fiscal cliff. a very big issue. one of the things that might come about of washington is maybe what we do is take away the mortgage deduction. is that a threat to the market? >> suddenly the fiscal cliff is the number one threat to the market. forget to recession, we are back into housing market crisis, no doubt about it. by the way, if we don't solve the fiscal problems going forward, we have an interest rates by kenaf future. so out. gerri: we cannot win for rying. >> exactly 56 can't win either way. other people talk about the possibility of another recession . i guess you could call it a double dip. it does not feel like we ever get out of the last. do you see recession as a big threat to the housing market? >> not if that this booklet is handled properly. if we have a huge set of government spending cuts and tax increases, certainly a recession would be a problem for the housing arket. on the other hand to mouth we have to be careful not to trade one set of tax hikes for another. you mentiod mortgage interest r
facing a fiscal cliff. a very big issue. one of the things that might come about of washington is maybe what we do is take away the mortgage deduction. is that a threat to the market? >> suddenly the fiscal cliff is the number one threat to the market. forget to recession, we are back into housing market crisis, no doubt about it. by the way, if we don't solve the fiscal problems going forward, we have an interest rates by kenaf future. so out. gerri: we cannot win for rying. >>...
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when we go off the fiscal cliff so there's there's you know there's some real this is one of the gifts that republicans say you know we're giving people you know they they voted to get us long term on a lot of the mitt romney so you're right there's some republicans pushing back and others going yes indeed the atlantic recently reported that the united states actually provides less generous unemployment benefits than most of the rest of the developed world the looking at the o.e.c.d. numbers the organization for economic cooperation development united states is behind japan italy spain canada denmark germany norway france switzerland the netherlands of israel when it comes to providing the unemployed with benefits on top of that moody's which is no left wing think tank moody's says that for every dollar that you put out as unemployment benefits from the government the government will get back a dollar sixty four cents eventually in taxes because of increased economic activity because the real job creators consumers are buying things so shouldn't francesca's shouldn't we be working real
when we go off the fiscal cliff so there's there's you know there's some real this is one of the gifts that republicans say you know we're giving people you know they they voted to get us long term on a lot of the mitt romney so you're right there's some republicans pushing back and others going yes indeed the atlantic recently reported that the united states actually provides less generous unemployment benefits than most of the rest of the developed world the looking at the o.e.c.d. numbers...
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Nov 22, 2012
11/12
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fixing the fiscal cliff fiasco. here we have it under control. if no one else is going to step up with a solution, we will get it started with our own answers about where to start with spending cuts. joining me to go through the ideas is our chief economist. brian, thank you for coming back on the show. >> thank you for having made. melissa: i am so sick of people coming on and saying what the other guy is going to give and not have a solution and i said, you know what, let's roll up our sleeves and get to work and come up with some solutions. we are talking about raising taxes and we haven't really drill down on the possible spending cuts out there. for example, senator coburn showing $67.9 million. it can be saved over the next 10 years by cutting nondefense spending. among those things. it was a huge report, more than 400 pages filled with all kinds of stuff. some examples were a smart phone half that alerts users when to take their coffee break. i feel like we are things we could be cutting. what do you think? >> the federal government is spe
fixing the fiscal cliff fiasco. here we have it under control. if no one else is going to step up with a solution, we will get it started with our own answers about where to start with spending cuts. joining me to go through the ideas is our chief economist. brian, thank you for coming back on the show. >> thank you for having made. melissa: i am so sick of people coming on and saying what the other guy is going to give and not have a solution and i said, you know what, let's roll up our...
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fiscal cliff ahead europe on the rocks all dull by the novacaine of easy money why we keep hearing about how the vix the stock market's volatility index is low the wall street journal blog post puts it is the stock market so-called fear gauge remains fast asleep and as we will contend so dated well it could be a much more complex picture but first let's be clear that there is more than one type of uncertainty there are things to worry about like this. this risk the sovereign debt crisis could spread and destabilize the global economy than any of the slowdown in china the latest sign of trouble in the world's second biggest economy and that could do what the french look to visually very inspirational that is coming i mean. so these are what our guys called known unknowns things we know we don't know and then there are these type of risks when i asked them what the heck is going on down here i don't know there is fear this is capitulation really radiation at the daiichi plant and fukushima got so high today they were forced to leave temporarily but now they're back on the job the only thin
fiscal cliff ahead europe on the rocks all dull by the novacaine of easy money why we keep hearing about how the vix the stock market's volatility index is low the wall street journal blog post puts it is the stock market so-called fear gauge remains fast asleep and as we will contend so dated well it could be a much more complex picture but first let's be clear that there is more than one type of uncertainty there are things to worry about like this. this risk the sovereign debt crisis could...
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Nov 22, 2012
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you know, at the fiscal cliff, anxiety raises. i don't think anyone is talking about entitlements. >> actually, going back to what you said about 45 million, i don't know the exact number, when you think about it, that is one out of seven americans. one out of four is having their turkey dinner paid for by taxpayers. what is wrong that people can't afford to put food on the table. it's a testament to how this economy is. and how much we have created the entitlement mentality that everyone feels they should that they should be on food stamps. when you look at the costs, within about two years, texas at the federal level are going to go just to pay for entitlement programs that have no money left over to pay for all of the other programs of the government. and i find it very suspicious and interesting as you do that here we have been talking about this for the last couple of weeks and nobody is talking about reforming these things. >> here is the thing. my idea is let them out there. you have a couple of years to do damage control.
you know, at the fiscal cliff, anxiety raises. i don't think anyone is talking about entitlements. >> actually, going back to what you said about 45 million, i don't know the exact number, when you think about it, that is one out of seven americans. one out of four is having their turkey dinner paid for by taxpayers. what is wrong that people can't afford to put food on the table. it's a testament to how this economy is. and how much we have created the entitlement mentality that everyone...
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Nov 22, 2012
11/12
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. >> spin off to two other quick issues before thanksgiving strikes us, one is the fiscal cliff. charles, you getting the same feeling i am, a more collective will to try and avoid falling off this cliff and get a deal done perhaps sooner rather than later? >> i absolutely do believe that. i believe that, you know, obama had the stronger hand, because if nothing happens, you know, no one wants that to happen and, in fact, the clock is ticking in that direction, and everybody has an incentive to say let's cut some sort of deal. and i do believe that deal will eventually encompass both revenue increases and some sort of structural realignment of some of the entitlement programs, and i actually believe the american people put aside the right and left. the american people actually are desperate to see their government be able to work, to do something. to make it happen. to not go into another situation where we have another downgrade. that is the exactly the option of what we want coming out of this presidential election, where people i think spoke and spoke rather clearly that we're
. >> spin off to two other quick issues before thanksgiving strikes us, one is the fiscal cliff. charles, you getting the same feeling i am, a more collective will to try and avoid falling off this cliff and get a deal done perhaps sooner rather than later? >> i absolutely do believe that. i believe that, you know, obama had the stronger hand, because if nothing happens, you know, no one wants that to happen and, in fact, the clock is ticking in that direction, and everybody has an...
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Nov 22, 2012
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they've introduced a plan to put off the fiscal cliff deadline. according to senator alexander, the plan simply pushes the pause button on all elements of the fiscal cliff, extends everything for a year, and then gives us six months in which to reform entitlements and reform taxes and reduce the debt. are you kidding me?! push the pause button? we already pushed the pause button in 2011. these representatives were sent back to washington to get something done now. in fact, pushing the pause button could destroy america's credit rating and further harm the economy. mark zandi, chief economist at moody's analytics says, "if we can kick the can, at some point moody's is going to downgrade. you're going to create more instability in the financial markets." zandi said it would be better to do nothing than to create an extension. republicans and some centrist democrats are definitely not getting the message. when the president won re-election, he said his number one priority is to reach an economic deal by reaching across both sides of the aisle. >> i w
they've introduced a plan to put off the fiscal cliff deadline. according to senator alexander, the plan simply pushes the pause button on all elements of the fiscal cliff, extends everything for a year, and then gives us six months in which to reform entitlements and reform taxes and reduce the debt. are you kidding me?! push the pause button? we already pushed the pause button in 2011. these representatives were sent back to washington to get something done now. in fact, pushing the pause...
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cliff and the european sovereign debt crisis we we don't know if these things will happen but we're aware of them we know that they could occur and as a result of that they are priced into volatility markets they're priced into the market for portfolio insurance already and as a volatility trader my role is to understand whether that pricing is is accurate or fair unknown unknowns are truly out of the blue events you know i think when the seem to lead calls black swans and. those those would be for example one thousand nine hundred seven where the market dropped twenty three percent in a day or or the flash crash in two thousand and ten how do you had unknown unknowns that's that's a much more difficult question the irony about current volatility pricing is that we have cheap spot vol cheap short term vol and very expensive long term vol well that environment is protecting against a crash of known unknowns it's protecting it's the next two thousand and eight but as we increasingly have these kind of. hyper speed flash crashes or events that come out of the blue and as monetary polic
cliff and the european sovereign debt crisis we we don't know if these things will happen but we're aware of them we know that they could occur and as a result of that they are priced into volatility markets they're priced into the market for portfolio insurance already and as a volatility trader my role is to understand whether that pricing is is accurate or fair unknown unknowns are truly out of the blue events you know i think when the seem to lead calls black swans and. those those would be...
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cliff the eurozone crisis that china hard landing a global recession that all of these things that are on people's radars are already priced into volatility you know i would definitely say long term volatility we have seen a compression in short term ball really exceptionally recently after the election but you know once again the term structure has received and you you absolutely are seeing these these factors priced in the markets already so you know the question the question sometimes is not predicting what's going to occur the question is understanding what has been priced into markets already and whether you're getting a value and so you know buying buying tail risk and buying portfolio insurance today at least on the long of the curve is a little like is a little like buying an internet stock in one thousand nine hundred nine you know there's this tremendous if you look at internet stock there's tremendous potential for growth but all that growth has already been built into the price well in this case there's a tremendous amount of fear a realization of these known unknown risk f
cliff the eurozone crisis that china hard landing a global recession that all of these things that are on people's radars are already priced into volatility you know i would definitely say long term volatility we have seen a compression in short term ball really exceptionally recently after the election but you know once again the term structure has received and you you absolutely are seeing these these factors priced in the markets already so you know the question the question sometimes is not...
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Nov 22, 2012
11/12
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one is the fiscal cliff. charles, do you get the same feeling that i have, that there is a more collective will to try to avoid falling off this cliff, and to get a deal done perhaps sooner rather than later? >> i absolutely do believe that. i believe that obama has a stronger hand. because if nothing happens, you know, no one wants that to happen. and in fact, the clock is ticking in that direction at this point. so everybody has kind of an incentive to say, let's cut some sort of deal. and i do believe that that deal will eventually incompass both the revenue increases and some sort of structural realignment of some of the entitlement programs. and i think that, i actually believe that the american people put aside what the right and the left want. the american people are actually desperate to see their government be able to work. to do something, to make it happen. to not go into another situation where we have another downgrade. that is exactly the opposite of what we want coming out of this presidential
one is the fiscal cliff. charles, do you get the same feeling that i have, that there is a more collective will to try to avoid falling off this cliff, and to get a deal done perhaps sooner rather than later? >> i absolutely do believe that. i believe that obama has a stronger hand. because if nothing happens, you know, no one wants that to happen. and in fact, the clock is ticking in that direction at this point. so everybody has kind of an incentive to say, let's cut some sort of deal....
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Nov 22, 2012
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when someone inevitably brings up the fiscal cliff and how our sky rocketing deficit is a huge danger to us, do not crawl under the table. do not give up on thanksgiving. help your giant uncle understand what he is freaking out about is not true. it is easy. there are visual aids that might help. first of all, the amount of money borrowed by the government has been going down, not up. this is the deficit in '09 when president obama took office and inherited the deficit from president bush. over the next three years president obama cut the deficit by $200 billion just from last year to this year, so the deficit isn't growing. it is shrinking by a lot. seriously. the folks at investors business daily calculated the deficit is now falling faster than at any time since the end of the second world war and falling so fast is might not be able to fall any faster without sending us back into recession. when president obama started, the deficit equalled 10% of the whole economy and now it equals just 7%. so go ahead, boggle your uncle's mind with this chart. the bars below zero represent years
when someone inevitably brings up the fiscal cliff and how our sky rocketing deficit is a huge danger to us, do not crawl under the table. do not give up on thanksgiving. help your giant uncle understand what he is freaking out about is not true. it is easy. there are visual aids that might help. first of all, the amount of money borrowed by the government has been going down, not up. this is the deficit in '09 when president obama took office and inherited the deficit from president bush. over...
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Nov 22, 2012
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and we have facing this fiscal cliff and it's scary. so i'm about to have to do things you don't like. but be assured that my heart is in the right place. >> role laan what about this? they voted for obama. but when you look at how many people cnn poll last week, 51% of this country oppose the health care bill. 42% favor it. maybe boehner is on to something. >> no, he's not. because frankly we got to go look at those numbers. remember, there are significant number of people in this country who felt that the bill should have gone further. there are people -- again, simply not oppose and favor. you look at the number of the polls done, a lot of people said they want a single pair option. yeah, i don't favor this one. >> i want canada. >> i favor universal health care. let me be clear. let me channel the obama administration for a second. this is how they're responding to the proposal. next! it ain't going to happen. he can sit here and sing all day saying put it on the table. trust me, it's not going to be on the table. so it's cute. it's
and we have facing this fiscal cliff and it's scary. so i'm about to have to do things you don't like. but be assured that my heart is in the right place. >> role laan what about this? they voted for obama. but when you look at how many people cnn poll last week, 51% of this country oppose the health care bill. 42% favor it. maybe boehner is on to something. >> no, he's not. because frankly we got to go look at those numbers. remember, there are significant number of people in this...
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Nov 22, 2012
11/12
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. >>> companies cutting back on business travel before the potential fiscal cliff, usa today says. one company will spend $20 billion less in the next two years if the fiscal cliff happens. >>> the boston herald reports massachusetts highway safety director is resigning. sheila burgess came under fire because her driving record includes seven accidents, four speeding violations and a ticket for not wearing a seat belt. did we mention she's the highway safety director? this week, the governor said it was a screw up his words, to hire burgess for that job. she cites health reasons for her resignation. >>> and the telegraph says the pope says in his new book that christ was born earlier than commonly thought. he says dennis small made that mistake many years ago and nobody caught it. many believe he was born between 17 bc and 200 bc. >>> good morning, and happy thanksgiving! weather outside looking very nice as we expect high pressure to build in overhead. temperatures warming up very nicely toward the afternoon a little chilly early on today. but the latter part of the day mostly sun
. >>> companies cutting back on business travel before the potential fiscal cliff, usa today says. one company will spend $20 billion less in the next two years if the fiscal cliff happens. >>> the boston herald reports massachusetts highway safety director is resigning. sheila burgess came under fire because her driving record includes seven accidents, four speeding violations and a ticket for not wearing a seat belt. did we mention she's the highway safety director? this...
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Nov 22, 2012
11/12
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so right now, robert, politico's headline, rough start for fiscal cliff talks. this piece is suggesting staffers aren't having an easy time with this. is it looking more like we're going to have one of these two-part solutions, kind of like where wheef been before, that somehow they're going to punt partly again? >> possibly. it looks that way. it looks like perhaps there's going to be a band-aid right now to get us through the end of the year, beginning of next year, and then actual -- a real substantive conversation when the next congress gets sworn in. or, this could well be we're seeing the sausage made here where both sides are in deep negotiations where they're really sticking to their ground here, but knowing there's going to be wiggle room back and forth. you put your hand out there first, strong hand, knowing there's a little bit of wiggle room. i think what we're seeing is the sausage -- i hope that we're seeing is the sausage being made here, and they're closer to what they really want to put out there. they're doing that, because both sides have so m
so right now, robert, politico's headline, rough start for fiscal cliff talks. this piece is suggesting staffers aren't having an easy time with this. is it looking more like we're going to have one of these two-part solutions, kind of like where wheef been before, that somehow they're going to punt partly again? >> possibly. it looks that way. it looks like perhaps there's going to be a band-aid right now to get us through the end of the year, beginning of next year, and then actual -- a...
SFGTV: San Francisco Government Television
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Nov 22, 2012
11/12
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we all need to focus very closely on the fiscal cliff and sequestration cuts that it includes. the impacts on san francisco could be devastating. until we have more clarity, what congress as a whole might or might not do we will need to remain vigilant about protecting our reserves and the city's financial position. that said i'm encouraged by the reelection of president obama and certainly for the leadership that leader pelosi has given and will continue to give. we will need their leadership as the president must quickly face the challenge of his second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration
we all need to focus very closely on the fiscal cliff and sequestration cuts that it includes. the impacts on san francisco could be devastating. until we have more clarity, what congress as a whole might or might not do we will need to remain vigilant about protecting our reserves and the city's financial position. that said i'm encouraged by the reelection of president obama and certainly for the leadership that leader pelosi has given and will continue to give. we will need their leadership...
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Nov 22, 2012
11/12
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clearly, when you look at the fiscal condition, the consequences of going over the fiscal cliff -- republicans are going to have to abrogate that pledge. it is not conservatism bound to 35% tax rate. that is not one of the immutable principles of american conservatism. we want taxes to be as low as they can possibly be while running a government that is not bankrupt and in structural deficit for as far as the eye can see. you will have to see republican leaders step up here and meet the president's somewhere in the middle on this to get the country's fiscal path on a path to solvency so we can start to have economic growth again in the country. >> do you want to comment a little bit about what you expect from the next six weeks? not even six weeks? however many weeks it is now between -- between now and the start of this booklet. working in the white house limits what you can say, but how you see his plan at between now and january? >> steve is exactly right, all the you are seeing a very concerted members of the house dig in on a no revenues. it is good to see many republicans saying yes. i c
clearly, when you look at the fiscal condition, the consequences of going over the fiscal cliff -- republicans are going to have to abrogate that pledge. it is not conservatism bound to 35% tax rate. that is not one of the immutable principles of american conservatism. we want taxes to be as low as they can possibly be while running a government that is not bankrupt and in structural deficit for as far as the eye can see. you will have to see republican leaders step up here and meet the...
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Nov 22, 2012
11/12
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one is let's do some agreement to avoid the fiscal cliff and that may be another short-term agreement to extend the rates, extend the spending as is, or maybe a slight modification and we'll have a negotiation next year on part two the grand bargain to overhaul the tax code and spending. i think both sides go into this with the general agreement, the leaders, that is, that they're going to have a short-term solution. i think the stock market's going to take a bit of a hit in the three or four weeks until we get to that end game but i think they're moving toward that. >> david, you agree with that? we're going to get something whether permanent or a downpayment. >> i think so. neither side wants a repeat of two summers ago when the country's credit rating took a hit for the first time ever. you know and i think as we saw friday they came out with a bit of a unified voice for the first time. >> thank you. >>> whether you're about to get on the road or already settled in for the holiday, for the most part there's a lot to be thankful. in the weather department this year, most of country
one is let's do some agreement to avoid the fiscal cliff and that may be another short-term agreement to extend the rates, extend the spending as is, or maybe a slight modification and we'll have a negotiation next year on part two the grand bargain to overhaul the tax code and spending. i think both sides go into this with the general agreement, the leaders, that is, that they're going to have a short-term solution. i think the stock market's going to take a bit of a hit in the three or four...
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Nov 22, 2012
11/12
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happy thanksgiving. >>> and join meganow for more on what the fiscal cliff could mean for you, wanda summers and bob frankton. welcome to both of you. happy thanksgiving. >> happy thanksgiving. >> we had on the other day fed chairman ben bernanke who issued the dire warning to the president. i want to play what he said. here it is. >> the realization of all the tax increases and spending cuts that make up if fiscal cliff with offsetting changes would pose a substantial threat to the recovery. indeed by the reck anything of the congressional budget office, the cbo, and that of many outside observers, the fiscal shock of that size would send the economy tumbling back into recession. >> bob, do you think this is enough to scare both sides into making an agreement? when you hear ben bernanke saying this is enough to scare the economy back into a recession, like we need to go there again? >> well, i think what he's been saying, what he's saying is what a lot of people are saying. we have the stifling atmosphere in washington and we need sort of the innovative approach. for instance, if yo
happy thanksgiving. >>> and join meganow for more on what the fiscal cliff could mean for you, wanda summers and bob frankton. welcome to both of you. happy thanksgiving. >> happy thanksgiving. >> we had on the other day fed chairman ben bernanke who issued the dire warning to the president. i want to play what he said. here it is. >> the realization of all the tax increases and spending cuts that make up if fiscal cliff with offsetting changes would pose a...
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Nov 22, 2012
11/12
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that being said, we still have issues looming on this fiscal cliff. we're starting to see consumer confidence weighing a little bit. i think hurricane sandy had something to do with that. >> yeah. >> this could go either way this season. >> you combine the holiday spending with the fiscal cliff. is there a chance that if we get this $586 billion or whatever is expected to come in, that it has a lasting effect on the economy? >> you know, i think -- i would like to say yes. and given holiday -- looking at last year, we saw about 600,000 jobs added for the holiday. about that number is expected this year as well. jobs are good for the economy. spending is good for the economy. but whether we can maintain that, whether a deal can be reached on that cliff remains to be seen. we could see of the u.s. fall into recession. hopefully that won't be the case. hopefully, you know, a deal will be reached and we can move forward. >> that's probably the most pressing issue right now. morgan, thank you for bringing us up to date on the retail angle. >>> coming up, h
that being said, we still have issues looming on this fiscal cliff. we're starting to see consumer confidence weighing a little bit. i think hurricane sandy had something to do with that. >> yeah. >> this could go either way this season. >> you combine the holiday spending with the fiscal cliff. is there a chance that if we get this $586 billion or whatever is expected to come in, that it has a lasting effect on the economy? >> you know, i think -- i would like to say...
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Nov 22, 2012
11/12
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are they really willing to go over the fiscal cliff? >>> in addition to being thanksgiving tomorrow, it's the 49th anniversary of a moment no one my age will ever forget, dallas. get yourself a copy of my new york times best seller "jack kennedy", out in paperback and a great gift for the holidays. you're watching "hardball" a place for politics. >>> i'm amanda drury with your cnbc market wrap. the dow was up by 48 points, s&p up by three and dow added three. >>> consumer sentiment rose slightly in november but below what analysts expected. jobless claims slid by 41,000 last week but the numbers are still distorted by the effects of hurricane sandy. >>> a bankruptcy court judge granted permission for hostess brands to begin shutting down. >>> and that is it from cnbc, first in business worldwide. have a very happy thanksgiving, everybody. back to "hardball." >>> welcome back to "hardball." with a victory behind him, democrats are feeling more confident in talks with republicans about the fiscal cliff. many on the left have been vocal in
are they really willing to go over the fiscal cliff? >>> in addition to being thanksgiving tomorrow, it's the 49th anniversary of a moment no one my age will ever forget, dallas. get yourself a copy of my new york times best seller "jack kennedy", out in paperback and a great gift for the holidays. you're watching "hardball" a place for politics. >>> i'm amanda drury with your cnbc market wrap. the dow was up by 48 points, s&p up by three and dow added...
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Nov 22, 2012
11/12
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are they really willing to go over the fiscal cliff? >>> in addition to being thanksgiving tomorrow, november 22nd, the 49th anniversary of a moment no one my age will ever forget, dallas. get yourself a copy of my new york times best seller "jack kennedy", out in paperback and a great gift for the holidays. you're watching "hardball" a place for politics. not in this economy. we also have zero free time, and my dad moving in. so we went to fidelity. we looked at our family's goals and some ways to help us get there. they helped me fix my economy, the one in my house. now they're managing my investments for me. and with fidelity, getting back on track was easier than i thought. call or come in today to take control of your personal economy. get one-on-one help from america's retirement leader. i'm going to dream about that steak. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volk
are they really willing to go over the fiscal cliff? >>> in addition to being thanksgiving tomorrow, november 22nd, the 49th anniversary of a moment no one my age will ever forget, dallas. get yourself a copy of my new york times best seller "jack kennedy", out in paperback and a great gift for the holidays. you're watching "hardball" a place for politics. not in this economy. we also have zero free time, and my dad moving in. so we went to fidelity. we looked at...
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Nov 22, 2012
11/12
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are they really willing to go over the fiscal cliff? the 49th anniversary of a moment no one my age will ever forget, dallas. do me an honor. "jack kennedy, elusive hero" is out. a great gift for the holidays. you're watching "hardball", a place for politics. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early puberty in a child, or, signs in a woman which may include changes in body hair or a large increase in acne, possibly due to accidental exposure. men with bre
are they really willing to go over the fiscal cliff? the 49th anniversary of a moment no one my age will ever forget, dallas. do me an honor. "jack kennedy, elusive hero" is out. a great gift for the holidays. you're watching "hardball", a place for politics. if you are one of the millions of men who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one...